Maybe the bubble rings are like the psps sound people make to cats - which is another behavior that appears unrelated to feeding, mating, or defense
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If you were trying to show another species that you were intelligent, sending basic shapes isn't a terrible way to demonstrate understanding of some abstract ideas. Fascinating to consider what they're "saying" with these.
Added to idea they recognise very simple geometry
The fact they communicated the idea to at least 11 Wales. Then openly demonstrating this fact to humans.
Is way more sci fi plot like. Sounds very like a star trek tng plot idea. Alien sludge creatures trying to prove to another race. That they are more then lighting oil to be killed and sold in barrels.
One of the first messages translated:
"Are the monkeys listening? Shit. How long have they been listening? I should provide some context for what I bubbled yesterday..."
Or
Hey those killer Wales. They are only giving you fish. So you trust them close to your boats again.
They plan to leap into the small ones and capsize you. Then they will present us with monkey hats.